UnionTown Energy Close to Finalizing Second Oil and Gas Project in Montana

- March 28th, 2011

UnionTown Energy Inc. (OTC:UTOGD) signs definitive agreement to acquire a 1,480-acre oil and gas property in the Madison Formation in Montana.

UnionTown Energy Inc. (OTC:UTOGD) signs definitive agreement to acquire a 1,480-acre oil and gas property in the Madison Formation in Montana.

The press release is quoted as saying:

The property is situated in a prolific oil and gas district, with more than 300 million barrels of oil and 500 billion cubic feet of natural gas produced to date within a 50-mile radius. Just 4 miles from the property, a single producing oil field has yielded in excess of 30 million barrels of oil. UnionTown Energy considers the property to be a high-potential acquisition that could be brought to production quickly, at low cost and low risk to the Company. Two previously drilled wells have already determined the property sits atop a shallow oil accumulation. The Company has reviewed reports from the drilling, considered to be conservative, that estimate the property contains 2.4 million recoverable barrels of oil. UnionTown believes the property has the potential to accommodate 17 shallow horizontal oil well locations.

Click here to access the entire press release

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